Four Week Summary: 2nd September 2022

DATA: Nationwide reported house prices rose 10% in the year to August

This was the thirteenth successive monthly increase.

DATA: Rightmove reported asking prices rose 8.2% in the year to August

They reported a 1.3% monthly fall in asking prices but their index is not seasonally adjusted – prices usually fall in August. They also reported “Buyer enquiries to agents are down 4% on the hot market of 2021, but remain 20% higher than 2019”.

DATA: Zoopla reported house prices rose 8.3% in the year to July

Their data shows buyer enquiries are still higher than pre-pandemic but have fallen from last year’s levels. The number of sales agreed in July/August was 13% higher than pre-pandemic while the stock of homes for sale was 27% lower.

DATA: ONS reported house prices rose 7.8% in the year to June

The ONS index is reporting volatile annual changes at the moment given the impact of the stamp duty holiday on their index last year.

DATA: HMRC reported 104,500 residential transactions in July

The seasonally-adjusted data was 5% higher than the pre-pandemic average and last month’s fall got revised away – it was a data collection issue as we suggested at the time.

DATA: ONS reported £1.6 billion in SDLT receipts during July

The figure, covering both residential and commercial property, was 14% higher than the same month last year and took the annual total to another record high of nearly £16.9 bn.

DATA: BoE reported a fall in mortgage approvals for house purchase

The data for July was 14% lower than the same month last year and 4% below the pre-pandemic average.

DATA: BoE reported another rise in effective mortgage rates

The actual rate on new mortgage advances was 2.34% in July, higher than last month’s figure of 2.16% and last year’s figure of 1.84%. This rate will probably rise quickly in coming months given what has happened to quoted mortgage rates.

DATA: ONS reported monthly GDP fell 0.6% in June

This left GDP just 0.5% higher than the pre-pandemic peak in January 2020.

DATA: UK Finance reported falls in mortgage arrears in Q2 2022

The number of borrowers with arrears of over 2.5% of their balance was 10% lower in Q2 2022 than the same quarter in 2021.

DATA: MoJ reported mortgage and landlord possessions data for Q2 2022

Claims issues, orders, and possessions by county court bailiffs all rose sharply though from very low numbers last year.

DATA: DLUHC reported falls in Help to Buy equity loan completions

Q1 2022 data shows a 65% fall in the number of completions compared to Q1 2021.

DATA: HMT published mortgage guarantee scheme statistics

“There were 17,996 mortgage completions from scheme launch on 19 April to the end of March 2022, which represents 6.5% of all residential mortgage completions in the UK from the beginning of April to the end of March 2022”.

POLICY: DLUHC launched social housing rents consultation

The consultation “focuses on the introduction of a rent ceiling from 1 April 2023 to 31 March 2024, which would act as an upper limit on the maximum amount by which Registered Providers of social housing can increase rents in that year”.

POLICY: DLUHC launched consultation on Decent Homes Standard for the private rented sector

The consultation “seeks views on the introduction and enforcement of a Decent Homes Standard in the private rented sector in England”.

REPORT: DLUHC reported on the Public Land for Housing programme

This is the concluding report for the programme but perhaps the most interesting part is the hidden sheet in the data download that contains data on the purchaser and price paid for the sites that have been sold.

REPORT(PDF): RICS published July residential market survey

They report “New buyer demand edges down again but limited supply continues to underpin market pricing”.

REPORT: NHBC published their new homes report for Q2 2022

Their data, which undercounts delivery showed “40,289 new homes completed in Q2 2022, 16% up on Q2 2021” while new home registrations were 45% higher over the same period.

REPORT: Resolution Foundation published Living Standards Outlook

They warn that while there’s lots of uncertainty over energy prices, inflation “could leave average real pay in Q2 2023 9 per cent lower than two years earlier, and wipe out all pay growth since 2003”. Another recent report highlighted how energy costs vary depending on the energy efficiency of housing.

REPORT: Crisis/Zoopla published report on the cost of renting

The report investigates the cost of renting and the shortfall in housing benefit.

REPORT: Policy Exchange reported on helping first time buyers

It recommends “removing unnecessary rules and regulations that may inhibit the ability of borrowers to access finance”.

REPORT: Ryan-Collins et al on housebuilding and climate change

They warn that “Using embodied and operational emissions models we estimate the government’s business-as-usual housing strategy consumes England’s whole cumulative carbon budget [1.5°C] by 2050”.

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